ECOWAS: Copper Wire Market 2024

Copper Wire Market Size in ECOWAS

After four years of growth, the ECOWAS copper wire market decreased by -9% to $X in 2021. The total consumption indicated a moderate expansion from 2012 to 2021: its value increased at an average annual rate of +3.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +68.6% against 2016 indices. The level of consumption peaked at $X in 2020, and then reduced in the following year.

Copper Wire Production in ECOWAS

In value terms, copper wire production declined to $X in 2021 estimated in export price. The total production indicated a pronounced increase from 2012 to 2021: its value increased at an average annual rate of +3.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +74.1% against 2016 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 34%. Over the period under review, production hit record highs at $X in 2020, and then declined in the following year.

Copper Wire Exports

Exports in ECOWAS

In 2021, approx. X tons of copper wire were exported in ECOWAS; jumping by 28% on 2020. Over the period under review, exports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 31% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, copper wire exports surged to $X in 2021. Overall, exports, however, recorded a relatively flat trend pattern. Over the period under review, the exports reached the peak figure at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Senegal dominates exports structure, recording X tons, which was near 87% of total exports in 2021. It was distantly followed by Ghana (X tons), achieving a 5.7% share of total exports. The following exporters - Nigeria (X tons) and Benin (X tons) - each accounted for a 7.5% share of total exports.

Exports from Senegal decreased at an average annual rate of -1.1% from 2012 to 2021. At the same time, Benin (+23.1%), Ghana (+14.7%) and Nigeria (+2.7%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +23.1% from 2012-2021. Ghana (+4.1 p.p.) and Benin (+3.1 p.p.) significantly strengthened its position in terms of the total exports, while Senegal saw its share reduced by -8% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) remains the largest copper wire supplier in ECOWAS, comprising 92% of total exports. The second position in the ranking was taken by Benin ($X), with a 3.4% share of total exports. It was followed by Ghana, with a 2.2% share.

In Senegal, copper wire exports remained relatively stable over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Benin (+24.4% per year) and Ghana (+2.7% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, growing by 37% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. Over the period under review, the export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Senegal ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Benin (+1.1%), while the other leaders experienced mixed trends in the export price figures.

Copper Wire Imports

Imports in ECOWAS

In 2021, supplies from abroad of copper wire increased by 13% to X tons, rising for the fifth consecutive year after two years of decline. Total imports indicated noticeable growth from 2012 to 2021: its volume increased at an average annual rate of +3.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +52.6% against 2016 indices. The most prominent rate of growth was recorded in 2014 when imports increased by 48% against the previous year. As a result, imports attained the peak of X tons. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, copper wire imports surged to $X in 2021. Total imports indicated notable growth from 2012 to 2021: its value increased at an average annual rate of +3.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +138.4% against 2016 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Cote d'Ivoire (X tons) represented the key importer of copper wire, constituting 43% of total imports. Senegal (X tons) took a 23% share (based on physical terms) of total imports, which put it in second place, followed by Ghana (17%) and Nigeria (11%). Togo (X tons) and Benin (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Cote d'Ivoire (with a CAGR of +20.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X), Senegal ($X) and Nigeria ($X) appeared to be the countries with the highest levels of imports in 2021, together accounting for 82% of total imports.

Cote d'Ivoire, with a CAGR of +20.9%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, surging by 33% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Nigeria ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (+1.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform